Mondelēz International has announced an agreement to acquire a significant majority interest in Give & Go, a North American leader in fully-finished sweet baked goods and owners of the famous “two-bite” brand and the “Create-A-Treat” brand known for cookie and gingerbread house decorating kits. Give & Go is being sold by funds affiliated with Thomas H. Lee Partners, L.P. (THL).
With a leading position in brownies, cupcakes, pastries and muffins, as well as access to the fast-growing in-store bakery channel, the acquisition of Give & Go expands Mondelēz International’s leadership in broader snacking. Founded in 1989, Give & Go’s delicious and on-trend products are a complementary addition to Mondelēz International’s portfolio of global and local brands such as Oreo, Cadbury, Milka and belVita, as well as Tate’s Bake Shop and Perfect Snacks. The company has delivered attractive growth over the past several years with net revenues of approximately $500 million in 2019.
“Our ambition is to lead the future of snacking by offering consumers a broad range of snacks in key growth channels and categories,” said Glen Walter, executive vice president and president, North America, for Mondelēz International. “Give & Go’s leading position in the large and fast-growing in-store bakery channel gives us a unique opportunity to expand into new, on-trend consumer spaces. Similar to our recent acquisitions of Perfect Snacks and Tate’s Bake Shop, this is yet another great example of our bolt-on acquisition strategy to establish foundations in faster growing snacking adjacencies. We look forward to working with Joel Flatt and the entire Give & Go management team to build upon their strong success.”
“Our previous owner, THL, has been a great partner and invested significantly to grow our business. We are now very excited to be joining the Mondelēz International family and this amazing portfolio of iconic snack brands,” said Joel Flatt, president and CEO of Give & Go. “There are significant opportunities for us to accelerate the growth of our business by utilizing Mondelēz International’s unique capabilities, and our shared desire to invest in innovation that drives consumer engagement and deeper strategic retail partnerships.”
As with other recent acquisitions such as Perfect Snacks, Mondelēz International will operate Give & Go separately in order to nurture its innovative and entrepreneurial spirit while providing access to consumer and channel insights, procurement and marketing resources to accelerate growth. After the deal closes, Give & Go’s senior leadership team will retain a minority interest in the company and continue to run the business from their existing headquarters. All Give & Go products will continue to be made at their current manufacturing locations.
The transaction is subject to customary closing conditions and expected to close in the second quarter of 2020.